Algeria – The CEO of the CPA announced on Sunday, October 25, 2020 at the Val d´Hydra agency in Algiers, the launch of nine products of Islamic finance.
Indeed, the CEO of the public bank, Mohamed Dahmani said during an inauguration speech of the counter made especially for Islamic finance products at the level of the agency (174) of the Val d’Hydra in Algeria, that new products are entering the Islamic finance market. According to our source, La Patrie News, this new product will be available within 72 hours and will meet customer expectations regardless.
The CEO thus declared that each product is created in a specific context intended to meet the expectations of the bank as well as its potential customers. He explained that the marketing will be gradual throughout the CPA’s national banking network. Dahmani assures that these products as well as their services are appropriate to the principles of Islamic Shariah and have been certified by the Sharia Committee of the bank. The latter has the certificates of conformity of the High Islamic Council as well as the approval of the Bank of Algeria.
Algeria Presse Service says this will include deposit and financing products; the Islamic investment account, the Murabaha Aqar / Sayara / Tadjhiz offer and the Ijara offer which concerns real estate and equipment. In each agency; you can find a special window with sales executives who will take care of the launch of these products of Islamic finance.
Product difference and development of new equipment
First of all, the difference between these products and those already existing is of size, declared the CEO. He explains to La Patrie News that this new feature allows funding after 72 hours; or that it is 15 days for the classic formula. Still according to Dahmani, with Islamic finance there is a program that analyzes the risks and offers the Scoring to know if the project can be financed or not. This Scoring formula is a sort of permitting rating assigned to each customer.
Finally, the development of new equipment is currently underway. Automatic teller machines (ATMs) will give way to automatic teller machines. ATMs are a benefit for its customers; they offer several services without having to come and go to the CPA premises; like the request for checkbook and bank card knowing that the CPA already benefits from 140 ATMs.
